Global capital markets have undergone fundamental transformations in recent years and, as a result, have become extraordinarily complex and opaque. Trading space is no longer measured in minutes or seconds but in time units beyond human perception: milliseconds, microseconds, and even nanoseconds. Technological advances have thus scaled up imperceptible and previously irrelevant time differences into operationally manageable and enormously profitable business opportunities for those with the proper high-tech trading tools. These tools include the fastest private communication and trading lines, the most powerful computers and sophisticated algorithms capable of speedily analysing incoming news and trading data and determining optimal trading strategies in microseconds, as well as the possession of gigantic collections of historic and real-time market data. Fragmented capital markets are also becoming a rapidly growing reality in Europe and Asia, and are an established feature of U.S. trading. This raises urgent market governance issues that have largely been overlooked. Global Algorithmic Capital Markets seeks to understand how recent market transformations are affecting core public policy objectives such as investor protection and reduction of systemic risk, as well as fairness, efficiency, and transparency. The operation and health of capital markets affect all of us and have profound implications for equality and justice in society. This unique set of chapters by leading scholars, industry insiders, and regulators discusses ways to strengthen market governance for the benefit of society at whole.

"Broad-based and inclusive financial systems significantly raise growth, alleviate poverty, and expand economic opportunity. Households, small enterprises, and the rural poor often have difficulty obtaining financial services for a multitude of reasons, including transaction costs, perceived risk, inadequate infrastructure, and information barriers. Yet many financial institutions are now making profitable inroads into underserved markets through formal banking, investment in equities, venture capital, postal banks, and microfinance. Access to Finance addresses the challenges of making financial systems more inclusive, emulating successful ventures in new markets, and utilizing technologies and government policies to support the expansion of financial access. The contributors examine many dimensions of financial access, including: * Measuring financial access * Understanding the impact of expanded access * Examining alternative institutional models * Exploring new technologies and information infrastructure * Evaluating government policies toward outreach. "

The ongoing digital transformation is shaping the Islamic mode of financial intermediation and the impact on the faith-based financial mode has been multifaceted. This has raised a host of interesting questions: what is the degree of penetration of Islamic finance in the fintech industry? Are Islamic financial institutions (IFIs) or banks ready to embrace fintech? Is fintech an enabler or barrier to achieve the intended purpose of Islamic finance? Will technology narrow the division between Islamic and conventional finance in the future? These are existential questions for Islamic finance and the book endeavors to examine the impact of financial technology on the industry. The book assesses various fintech business models and how they could be a threat or an opportunity. It also examines whether fintech provides IFIs an edge to serve clients following the Shariah norms and how the adoption of fintech in the Islamic mode is required for meeting the maqasid Al Shariah. The book discusses applicability of fintech like blockchain, digital currency, big data, and AI to different branches of Islamic finance. This book will interest students, analysts, policymakers, and regulators who are working on Islamic finance, financial economics, Islamic economics, and development finance.

Hardbound. The EMU and the Euro are transforming European banking institutions, regulations, performance, and bank-state relationships. This book analyzes these dynamic challenges and processes. It presents contemporary and historical perspectives to guide an informed understanding of European banks, banking culture, and the role of the banking sector in the EMU's new financial and competitive environment.

This book informs a renewed movement for fair lending and fair housing. Leading advocates and specialists examine strategic initiatives to realize objectives of the federal Fair Housing Act as well as state and local laws Well-known fair housing and fair lending activists and organizers examine the implications of the new wave of fair housing activism generated by Occupy Wall Street protests and the many successes achieved in fair housing and fair lending over the years. The book reveals the limitations of advocacy efforts and the challenges that remain. Best directions for future action are brought to light by staff of fair housing organizations, fair housing attorneys, community and labor organizers, and scholars who have researched social justice organizing and advocacy movements. The book is written for general interest and academic audiences. Contributors address the foreclosure crisis, access to credit in a changing marketplace, and the immoral hazards of big banks. They examine opportunities in collective bargaining available to homeowners and how low-income and minority households were denied access to historically low home prices and interest rates. Authors question the effectiveness of litigation to uphold the Fair Housing Act's promise of nondiscriminatory home loans and ask how the Consumer Financial Protection Bureau is assuring fair lending. They also look at where immigrants stand, housing as a human right, and methods for building a movement.

This comprehensive addition to the debate on sustainable development has been produced in order to take a global pulse on how the financial services sector is responding to the growing challenge of shareholder and stakeholder expectations on social and environmental performance. In the opinion of many commentators in this new book, given the intermediary role banks play within economies, their potential contribution toward sustainable development is enormous. Indeed, for banks, the conclusion that corporate sustainability has become an investable concept that increases long-term shareholder value is becoming difficult to deny.To date, banks have been relatively slow to examine their exposure to risk (the environmental and social performance of their clients) and the business opportunities of sustainable development (the products and services they offer). Not before time, Sustainable Banking concludes that this is beginning to change, with both risk and opportunity becoming established elements in banking policies towards environmental sustainability. In addition, banks have now begun to take notice of and address their own environmental performance. Through the use of case studies and detailed analysis, the book examines the environmental policies of banks, the importance of transparency and communication with their stakeholders, environmental and ethical investment funds, current practice by the providers of financial services with regard to environmental risk management and, finally, the key role of government, NGOs and multilateral banks in delivering sustainability.Sustainable banking has not, however, been achieved and nor will it be in the immediate future. As globalisation proceeds apace, Sustainable Banking argues that improvements are necessary in banks' attitudes toward transparency and accountability with regard to their lending policies. In addition, in order to promote best practice, the leading banks need to start measuring their customers' environmental performance in order to persuade polluting clients that minimum compliance to regulations will no longer suffice. The book finds many shining examples in the co-operative, mutual and social sectors for the big players to emulate. Environmental and ethical considerations in such loan portfolios have proven to be profitable and "best-in-class" larger banks are now also reaping benefits.The unprecedented scope of the book has attracted contributors from four continents including Deloitte & Touche, Rabobank, The World Bank, The European Bank for Reconstruction and Development, The United Nations Environment Programme, The World Business Council for Sustainable Development, UBS, Henderson Investors, KPMG, The World Resources Institute and SAM Sustainability.

For courses in money and banking, or general economics. This package includes MyLab. A unified framework for understanding financial markets The Economics of Money, Banking and Financial Markets bringsa fresh perspective to today's major questions surrounding financial policy.Influenced by his term as Governor of the Federal Reserve, Frederic Mishkinoffers students a unique viewpoint and informed insight into the monetarypolicy process, the regulation and supervision of the financial system, and theinternationalization of financial markets. The 13th Edition providesa unifying, analytical framework for learning that fits a wide variety ofsyllabi. And core economic principles and real-world examples organizestudents' thinking and keep them motivated. After reading this text, studentsare well equipped to apply these financial models, terms, and equations todecisions that affect both their personal and professional lives. Reach every student with PearsonMyLab Economics MyLab (R) empowers you to reach every student. This flexibledigital platform combines unrivaled content, online assessments, andcustomizable features so you can personalize learning and improve results, onestudent at a time. Pearson MyLab Economics should only be purchased when required by an instructor.Please be sure you have the correct ISBN and Course ID. Instructors, contactyour Pearson representative for more information.

Catherine Gwin examines the evolution of U.S. policy toward the World Bank and the impact of the United States on the institution's policies and operations. Beginning with the U.S. role in the start-up of the Bank, Gwin describes the ebb and flow of the U.S. support: the increasing activism of Congress in U.S.-World Bank policy starting in the 1970s, the breakdown in the bipartisan character of support for the Bank in the early 1980s, followed by renewed U.S. attention in response to the debt crisis, and the later entry of Russia and other transforming economies into the Bank. Gwin disputes both those who see the Bank as under the thumb of the United States and those who see it as unresponsive to U.S. concerns. She suggests that the U.S. policy toward the World Bank has always reflected an underlying ambivalence toward both development assistance and multilateral cooperation. As a result, U.S. policy in the Bank has been erraticoften reflecting the swings in U.S. politics and foreign policy rather than presenting a coherent view of the development financing role of the World Bank and a rigorous concern for the effectiveness of Bank operations.

'Packed with insights and details that will both amaze and appal you' - Oliver Bullough, author of Butler to the World Across the world, HSBC likes to sell itself as 'the world's local bank', the friendly face of corporate and personal finance. And yet, a decade ago, the same bank was hit with a record US fine of $1.9 billion for facilitating money laundering for 'drug kingpins and rogue nations'. In pursuit of their goal of becoming the biggest bank in the world, between 2003 to 2010, HSBC allowed El Chapo and the Sinaloa cartel, one of the most notorious and murderous criminal organizations in the world, to turn its ill-gotten money into clean dollars and thereby grow one of the deadliest drugs empires the world has ever seen. How did a bank, which boasts 'we're committed to helping protect the world's financial system on which millions of people depend, by only doing business with customers who meet our high standards of transparency' come to facilitate Mexico's richest drug baron? And how did a bank that had been named 'one of the best-run organizations in the world' become so entwined with one of the most barbaric groups of gangsters on the planet? Too Big to Jail is an extraordinary story brilliantly told by writer, commentator, and former editor of The Independent, Chris Blackhurst, that starts in Hong Kong and ranges across London, Washington, the Cayman Islands and Mexico, where HSBC saw the opportunity to become the largest bank in the world, and El Chapo seized the chance to fuel his murderous empire by laundering his drug proceeds through the bank. It brings together an extraordinary cast of politicians, bankers, drug dealers, FBI officers and whistle-blowers, and asks what price does greed have? Whose job is it to police global finance? And why did not a single person go to prison for facilitating the murderous expansion of a global drug empire?

To the layman who wishes to understand modern Islamic financial transactions, this book will prove friendly and helpful. It provides the underlying principles of Shariah financial instruments and presented them in actual and practical form. Since 1983, Malaysia has been making significant inroads into the Islamic financials landscape. Today Islamic financial transactions have made their presence felt in almost all financial institutions including banks, unit trusts, insurance, discount houses, fund management, factoring, pawn broking and project financing. And with more than USD200 billion Islamic funds available in global finance today, it is logical that the business of Islamic banking, insurance and fund management is fast expanding and encroaching into non-traditional financing. As the Holy Quran enjoins profit creation via trading and commercial transactions (al-bay') while forbidding profit earned from loans (riba), increasing Islamic consciousness among the Muslims today has opened up new business opportunities in Islamic finance, financial planning and wealth management. The Shariah not only condone interest as riba, but prohibits elements of gambling (maisir) in financial transactions. Ambiguities (gharar) in contractual agreements must be avoided at all cost while companies seeking Islamic capital must not engage with prohibited goods such as alcoholic beverages, pork and pornographic material. But current practices although unintentionally seem to out focus the real Quranic agenda for wealth creation and management. The Quranic alternative to riba is trade and commerce (al-bay'). The essence of trade and commerce is profit creation that implicates risk-taking (ghorm) and value-addition (kasb). Doing so promotes fairness and equitable transactions ('adl) and thus putting ethics and morality (akhlak) into the limelight of corporate business today. This book has attempted to venture into several issues of Islamic finance that incorporates the Quranic conception of trading and commerce (al-bay'). Profit created from financial instruments devoid of risk-taking (ghorm) and value addition (kasb) does not fit into the Quran's outlook of al-bay'. It critically examines current Islamic financial products offered by banks, mutual funds and insurance companies and help guide prospective customers to understand the underlying Shariah principles on which these products are structured. Products ranging from bank deposits/assets and capital market instruments are discussed based on prevailing practical experience in Malaysia as well as other Muslim countries. Divergent Shariah opinions on sale-buyback (bay' al-'inah) and debt trading (bay'al-dayn) are discussed with good intentions to harmonize global Islamic financial transactions. Of most significant is the push for equity financing (musyarakah/mudarabah) in the banking business with proper application of salam and istisna' contract as well. Widespread use of murabahah and al-bai-bithaman ajil (credit sale) contracts in Islamic finance is a worrying trend. This book tries to explore the place of Islamic financial contracts in modern financial markets, whether Islamic financial instruments actually reflect true label. Implication of trading (al-bay') is expected to invite venture capital application in Islamic banking and rationalizes universal banking model for Islamic banks. This book serves to guide banking customers, practitioners and investors over the range of Shariah products available in Malaysia's financial market and help impress how these products can impact their earnings and business.

The Pyramid of Lies by international financial journalist Duncan Mavin, is the true story of Lex Greensill, the Australian farmer who became a hi-flying billionaire banker before crashing back down to earth, exposing a tangled network of flawed financiers, politicians and industrialists. Lex Greensill had a simple, billion-dollar idea - democratising supply chain finance. Suppliers want to get their invoices paid as soon as possible. Companies want to hold off as long as they can. Greensill bridged the two, it's mundane, boring even, but he saw an opportunity to profit. However, margins are thin and Lex, ever the risk taker, made lucrative loans with other people's money: to a Russian cargo plane linked to Vladmir Putin, to former Special Forces who ran a private army, and crucially to companies that were fraudulent or had no revenue. When the company finally collapsed it exposed the revolving door between Westminster and big business and how David Cameron was allowed to lobby ministers for cash that would save Greensill's doomed business. Instead, Credit Suisse and Japan's SoftBank are nursing billions of dollars in losses, a German bank is under criminal investigation, and thousands of jobs are at risk. What Bad Blood did for Silicon Valley and The Smartest Guys in the Room did for Wall Street, The Pyramid of Lies will do for the world of shadow banking and supply chain finance. It is a world populated with some of the most outlandish characters in business and some of the most outrageous examples of excess. It is a story of greed and ambition that shines a light on the murky intersection between politics and business, where lavish fortunes can be made and lost.

Over the last ten years mobile payment systems have revolutionised banking in some countries in Africa. In Kenya the introduction of M-Pesa, a new financial services model, has transformed the banking and financial services industry. Giving the unbanked majority access to the financial services market it has attracted over 18 million subscribers which is remarkable given that fewer than 4 million people in Kenya have bank accounts. This book addresses the legal and regulatory issues arising out of the introduction of M-Pesa in Kenya and its drive towards financial inclusion. It considers the interaction between regulation and technological innovation with a particular focus on the regulatory tools, institutional arrangements and government decisional processes through the examination as a whole of its regulatory capacity. This is done with a view to understanding the regulatory capacity of Kenya in addressing the vulnerabilities presented by technological innovation in the financial industry for consumers after financial inclusion. It also examines the way that mobile payments have been regulated by criticising the piecemeal approach that the Central Bank of Kenya has taken in addressing the legal and regulatory issues presented by mobile payments. The book argues there are significant gaps in the regulatory regime of mobile banking in Kenya.

The financial crisis has exposed severe shortcomings in mainstream monetary economics and modern finance. It is surprising that these shortcomings have not led to a wider debate about the need to overhaul these theories. Instead, mainstream economists have closed ranks to defend existing theories and public authorities have expanded their interference in markets. This book investigates the problems associated with mainstream monetary economics and finance, and proposes alternatives based on the Austrian school of economics. This school emanated from the work of the nineteenth-century Austrian economist Carl Menger and was developed further by Eugen von Boehm-Bawerk, Ludwig von Mises, and Friedrich August von Hayek. In monetary economics, the Austrian school regards the creation of money by banks through credit extension as a key source of economic instability. From this follows the need for a comprehensive reform of our present monetary system. In a new monetary order, money could be issued by both public and private institutions, and there would be no need for fractional reserve banking. Instead of creating money, banks would intermediate it. In finance, the Austrian school rejects the notion of rational expectations and measurable risk. Individuals use their subjective knowledge to gather and evaluate information, and they act in a world of radical uncertainty. Hence, markets are not "efficient" nor can portfolios be built on the basis of known probability distributions of asset prices as described in the modern finance literature. This book explores the need for a new theoretical foundation for asset pricing and investment management that will give practitioners more useful orientation.

The papers in this volume were presented at three invited sessions at the annual meetings of the Western Economic Association in San Diego, California on July 8-10, 1999. The comments by delegates were also presented at that time and are included in the volume.

The theme of the sessions was "Bank Problems: A Global Perspective." As has been well documented in previous volumes in this series, serious banking problems have plagued the large majority of countries globally be they industrial, emerging or transition economies. The problems arose because of both market failures and regulatory or government policy failures. The costs of these problems in terms of reduction in real output, misallocations of both real and financial resources, and transfer payments and cross-subsidies, particularly from taxpayers to protected stakeholders in failed banks, have been large and burdensome. Thus, a better understanding of the causes of the problems in both the private and government sectors and their potential solutions is a prerequisite for avoiding, or at least minimizing repetitions in the future. The papers in this volume contribute to this effort and add to our storehouse of knowledge. The emphasis on global in the title is reinforced by including papers by authors from Italy, Spain, and the United Kingdom, as well as the United States.

The purpose of this book is to examine the significant and increasing problem of state bank non-performing loans (NPLs) in China, which have undermined the stability of the banking system and the efficient operation of markets. The accumulation of NPLs in China has been caused by the dominant role of State banks in China's financial markets, weak internal controls within State banks, policy loans to state owned enterprises, unnecessary administrative controls on banks' lending activities, and inappropriate banking regulation and supervision. The author draws on experiences at national, regional and international level to make recommendations for the development of better workout procedures for existing NPLs. He also examines the role of banking regulation and supervision in preventing accumulation of NPLs and in avoiding the impact of NPLs on the stability of the banking system and the conditions of market discipline.

This book, first published in 1985, is a study of the functioning of one sector of American capital markets - non-reserve city national banks - between 1870 and 1900. The unusually wide and deep expansion of the American economy in this period was impelled in part by the growth and development of agriculture, and this study examines the role of one source of loanable funds - banks chartered under the National Banking Acts - in providing American farmers with loans to expand and capitalize.

Chinese state banks, which were considered technically insolvent in the 1990s, are at present among the largest and most important banks in the world. This book, based on the author's research and also on his extensive experience of working in Chinese banks, explores how Chinese banks' technical efficiency and organisational flexibility have been achieved whilst ownership and control by the Chinese Communist Party have continued. The author reveals a distinctly non-Western approach to corporate governance, but one that has nevertheless worked very well.

Service activities such as banking, insurance, telecommunications, business auditing, distribution, trading, and other services have been at the forefront of the transformation process in East Central Europe and the former Soviet Union. These reforms, though far from complete, are now sufficiently advanced to draw lessons and to identify strategic options for foreign service firms expanding in the region. In this volume, leading analysts and practitioners offer an appraisal of the service markets and the challenges related to foreign entry into the services sector in Central and Eastern Europe during the "second wave" of transformation. What is the emerging pattern of change? What is the outlook for promising business in the area of services? Which entry strategies have proven particularly successful? How do the leading service providers from the West deal with the challenges confronting them in service markets of the region?

This collective volume used case studies, field research and industry studies to consider strategic options for foreign service firms in East Central and Eastern Europe for the late nineties and beyond.